The race was conducted on 31st May 1921 on the Brisbane River for the first time. It was a three mile race. The University of Queensland had made their first appearance at this regatta in the previous year.
The University of Queensland were in front until 200 yards to go but could not withstand the sprint from Melbourne who went onto win by a length.

1921 Program Cover
Time: 17:23
Margin: 1 length
1st Melbourne University - Bow: C J V McKeown, 2: R H Keon-Cohen, 3: R J Holyman, 4:
D A White, 5: L F Edmonds, 6: J Lanfranchi, 7: C G B Parker, Str: J M Buchanan, Cox: T A B Harris, Cch:
Dr H C Disher
2nd University of Queensland - Bow: J A Lewis, 2: V E Greet, 3: Eric B Freeman, 4: W C Brown, 5: W G Illingworth, 6: J W Dowrie, 7: E M Fisher, Str: E B Cullen, Cox: F G Holdaway
3rd Adelaide University - Bow: W J Ferguson, 2: L T Johncock, 3: W E Northey, 4: F L Thyer, 5: E R Smythe, 6: F J Morphett, 7: J S Lord, Str: R L Naylor, Cox: K L Potter
4th Sydney University - Bow: N C Vogan, 2: J Cunninghan, 3: L F Dods, 4: H K Macpherson, 5: H C Taylor, 6: H F Wilson, 7: T M Barnett, Str: A C Wallace, Cox: J F Mant

Melbourne University
Inset: Dr H C Disher

University of Queensland
